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What is IDV in Motor Insurance?

IDV in two-wheeler and car insurance policies mean Insured’s Declared Value. It is the current market value of your vehicle that is fixed by the insurer and provided in case of theft or total loss of vehicle.

IDV is calculated by adjusting the current manufacturer’s Listed Selling Price (*see below) of the vehicle with depreciation percentage listed in the table below:


Not exceeding 6 months
Exceeding 6 months but not exceeding 1 year
Exceeding 1 year but not exceeding 2 years
Exceeding 2 years but not exceeding 3 years
Exceeding 3 years but not exceeding 4 years
Exceeding 4 years but not exceeding 5 years

For vehicles that are obsolete and aged over 5 years, the IDV will be the value agreed between Bajaj Allianz General Insurance (insurer) and you (insured).

*Manufacturer’s Listed Selling Price = (Cost Price + Local Duties) / Taxes, excluding Registration and Insurance


Did you know that your car insurance premium can decrease with time? Click here to learn more!

What is IDV in Motor Insurance? 3.67/5 (73.33%) 3 votes

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Published on:30 Jul, 2010

By: | Tags: , , , , , , , | Comments: 15


15 thoughts on “What is IDV in Motor Insurance?

  1. Anagha Ghosh

    Hello BA team,

    I have Skoda Laura 1.9 TDI 2008 Automatic model. We met with an accident on 30 June 2013. The Skoda Workshop gave a total estimate of Rs.15,03,786 for repair. Kindly suggest what should be my next step ?. And also suggest if we declare Total Loss of Car then how to claim IDV. What will be the maximum amount we can claim ??

    Kindly suggesst..



    • CFU

      Dear Sir,

      We will send you a mail along with required details.

      Thanks for writing to us.

      Thanks and Regards,

      Help and Support Team.

  2. upkar

    Hi ,

    I have bought a second hand royal enfield – Bullet (standard) 350 cc
    I got the RC transfered in my name .
    the insurance was in name of the owner which has already passed its expiry well over by 1 year .
    i want to get the vehicle insured in my name .
    how can i renew (if possible) or i should get the vehicle insured from scratch with present IDV in my name .


    • CFU

      Dear Sir,for transfer of ownership you have to submitt the following documents.

      1. Request from insured for the change (letter / email / call)
      2. Pre-inspection
      3. Fresh proposal form
      4. Transferred RC or RTO Form 28, 29 & 30
      5. Transfer Fees of Rs.50/-
      6. NCB recovery amount from new owner (if applicable)

      Thanks & Regards,
      Help & Support Team.

  3. Arun Sebastian


    I bought a second hand car under the coverage of Bajaj Allianz. Now as i have changed the registration title to my name, i would also like to transfer the insurance to my name. Please advice me what to do.

    Thanks and regards,


    • CFU

      Dear Arun,

      Thanks for writing to us.

      We would like to inform you that for policy surrender you need to submit the required documents to your nearest Bajaj Allianz General Insurance branch.

      Thanks and Regards,
      Help and Support Team

  4. Manoj

    Hi I have an existing car insurance with Bajaj allianz & i want to participate in a car rally organise by FMSCI.

    Do bajaj allainz can provide the addiational rally insurance also & what will be the premium amount for a 5 day rally that i need to pay.



    • CFU

      Dear Manoj,

      Thanks for writing to us.

      Please provide us the policy number and updated contact details so that we can do the needful.

      Thanks and Regards,
      Help and Support Team

  5. Ranjana Chakravorty

    I have a Xylo E6 bought in June 2009. As my car insurance renewal is due I am getting many phone calls from your agents. As per one of the agent, the IDV value has not been changed since last year value as depreciation is not considered .
    But as per your IDV calculation sheet, the depreciation should be30%. Therefore, I am confused which one is I should consider as correct.
    Please advice soon.


    • BJAZsupport

      Dear Ms. Ranjana,

      Thank you for writing to us. Request you to mail across your existing policy number and your contact details on

      This shall enable us to assist you better. Also please find a mail sent on our id regarding the same.
      Best Regards,
      Help & Support Team

  6. Ravikumar

    Recently i lost my father & mother in a car accident which was covered by bajaj insurance policy, The estimation, photos, documents related to vehicle are sent to garage who intially told that they will take care everything as days passed i got a letter from insurance surveyor who says that he is going to give the assesment to insurance company. is it true??also will my policy covers my parents as the are dead in the same accident & do i need to claim seperately for that. please advise



  7. Bajaj Allianz Support

    Dear Mr. Ismail Tharadara

    Consumable parts of a motor vehicle are those that are subject to regular wear and tear. For example – Engine Oil, Grease, Brake and Gearbox Oil etc. Bearings also come under the umbrella of Consumable parts. Damage to these are not covered under Insurance and hence your final claim amount may not include the cost of replacing these.

    Thanks for getting in touch with us and look forward to continuing our relationship with you.

    Best Regards,
    Bajaj Allianz Support.

    Bajaj Allianz Interactive:
    Investment Insights:


  8. nirmalya mukherjee

    Your service is really bad. I paid my car premium almost 18 days before the schedule and it is over one month old and I have not received the insurance renewal receipt. Your kolkata office operations is really depressing and disturbing. Do you really have any agent called Fakruddin at your Kolkata Anwar Shah Road office. All should be careful about people moving with Bajaj Allianz cards. I am moving IRDA in a few days if I do not get my renewal receipt. Thanks Nirmalya Mukherjee


  9. Ismail Tharadara

    what is a consumable parts in motor policy, if then wheel bearing of motor car to be required replace due to accidental damage then insurance company can reject this bearing amount in motor claim as said this is consumable part?


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